Square's feeling good, on pace to take $5 billion in payments per year

Despite growing competition from PayPal, Intuit and Verifone, it appears that Square's business is still going gangbusters. The grandaddy of all smartphone payment systems is set to take $5 billion in payments this year, up from $2 billion a scant six months ago. According to company COO Keith Rabois, such expansive growth has been fostered by the fact that Square makes the cash from transactions available to merchants the next business day -- a feature greatly appreciated by small businesses. Clearly, Huey Lewis was right, and you can see what we mean after the break.